MD, Company Jailed 16 Years for Operating Financial Business without Valid CBN Licence

A Federal High Court sitting in Lagos, Thursdy, sentenced AG Moeller Nigeria Ltd alongside its Managing Director, Adeloye Olukemi, to 16 years imprisonment for operating financial business without a valid Central Bank of Nigeria, CBN, licence.
Justice Okon Abang convicted and handed down the sentence after finding the company and Olukemi guilty of the offence.
The convicts were arraigned before the court on a five-count charge bordering on conspiracy, felony, fraud and operating a financial business without a valid CBN licence.
In the charge preferred against the duo, the Prosecution accused the convicts of obtaining the sum of N80m from the Chairman of Cross Country Limited, Bube Okorodudu, in excess of the amount due to them. During their arraignment, Adeloye and AG Moeller pleaded not guilty to the charge.
Justice Abang while delivering judgment, upheld all the argument and issue for determination raised by the prosecution.
He noted that the prosecution had proved its case beyond doubt and accordingly found the convicts guilty of all the charges preferred against them.
The convicts had initially filed and argued a no-case submission after the prosecution had closed its case, which was overruled and based on the ruling, they opened their defence.. Justice Abang slammed one-year jail term on Olukemi on count one, three years on count two, seven years on count four and five years on count five, making 16 years imprisonment while on count three, AG Moeller Nigeria Limited was ordered to pay fine of N1 million to the Federal Government. The court also ordered the company to refund the sum of N80m to Cross Country Limited. AG Moeller and Olukemi were charged following Okoro-dudu and Cross Country’s March 5, 2011 petition to the CBN Governor.

Author: News Editor

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